JPMorgan Chase & Co. Trims Nextracker (NASDAQ:NXT) Target Price to $58.00

Nextracker (NASDAQ:NXT) had its target price reduced by JPMorgan Chase & Co. from $62.00 to $58.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also issued reports about the company. Guggenheim decreased their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Roth Mkm decreased their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Susquehanna decreased their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. Finally, BMO Capital Markets decreased their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.65.

Nextracker Stock Down 0.1 %

Shares of NXT opened at $33.52 on Thursday. The company has a market capitalization of $4.87 billion, a PE ratio of 9.98 and a beta of 2.47. Nextracker has a 12 month low of $32.19 and a 12 month high of $62.31. The stock’s 50-day moving average price is $37.31 and its two-hundred day moving average price is $44.63. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same period last year, the company posted $0.48 EPS. The business’s quarterly revenue was up 50.1% on a year-over-year basis. On average, analysts anticipate that Nextracker will post 2.52 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NXT. Raymond James & Associates increased its stake in Nextracker by 25.4% in the third quarter. Raymond James & Associates now owns 123,905 shares of the company’s stock valued at $4,644,000 after acquiring an additional 25,080 shares during the last quarter. AlphaMark Advisors LLC bought a new position in Nextracker in the third quarter valued at $306,000. Secure Asset Management LLC bought a new position in Nextracker in the third quarter valued at $1,370,000. Renaissance Capital LLC increased its stake in Nextracker by 48.5% in the third quarter. Renaissance Capital LLC now owns 154,389 shares of the company’s stock valued at $5,786,000 after acquiring an additional 50,414 shares during the last quarter. Finally, Creative Planning boosted its position in Nextracker by 19.4% during the third quarter. Creative Planning now owns 36,186 shares of the company’s stock valued at $1,356,000 after buying an additional 5,869 shares during the period. Institutional investors own 67.41% of the company’s stock.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.